Equity release market rises 26% in first half of 2014
Retired homeowners released more than £641 million in property wealth during the first half of the year as the equity release market continued to grow strongly, according to research by equity release firm Key Retirement Solutions (KRS).
The average loan taken by customers rose by 17% to nearly £65,000 so far this year and shows the growing confidence in using property wealth to improve standards of living in retirement. The total equity released in the six months to June 30th increased 26% to £641.8 million from £508.4 million in the first half of 2013.
Dean Mirfin, group director at KRS, said: “Equity release is making a major contribution to retirement planning for thousands of homeowners and that is underlined by the growth in the average loan size of nearly £10,000.”
Trinity Financial has access to a host of equity release mortgages and some of them allow borrowers to pay the interest each month. This ensures the interest is not rolled up to reduce equity in the property.
For help to secure an equity release mortgage, call Jed Newton on 020 7016 0790 or fill in our enquity form and he will call you back.